Hold Asian Paints, target of Rs 1027: KRChoksey
KRChoksey has maintained its hold rating on Asian Paints with a price target of Rs 1027 in its May 13, 2009 research report.
“Asian Paints (APL) reported net sales of Rs 1,424.9 crore, up 26% y-o-y and 8% q-o-q. Revenues were mainly driven by strong rebound in the domestic decorative segment, indicating recovery in the business. Operating Profits stood at Rs 179.1 crore, increase of 15% y-o-y on the back of sharp decline of raw material prices. Net profit stood at Rs 101.1 crore, improved by 7% y-o-y. This growth was mainly driven by 26% growth in the top-line. The profit margins for the quarter declined by 124 bps y-o-y to 7% and improved by 263 bps q-o-q. We maintain our ‘Hold’ recommendation on the stock with target price of Rs 1027, giving an upside of 8%,” says KRChoksey’s research report.
Tags: asian paints, brokerage house reports, hot stock, KRChoksey
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